Eau Claire Mortgage Broker Ordered to Repay Over $440,000 to Victims
Monday, August 10th, 2015 -- 10:47 AM
(AP) -An Eau Claire mortgage broker convicted of 47 securities-related crimes has been ordered to repay more than $440,000 to the victims.65-year-old John Torgerson, as president of Preferred Acceptance Company, was accused of issuing financial notes to a large number of investors without having proper information filed with the state and misled investors about those securities. He sentenced in March to four years in prison and two years of extended supervision.
Eau Claire County Judge Michael Schumacher set restitution at $444,000 Friday. Defense attorney Matthew Krische argued Torgerson didn't have the means or the potential to repay such a sum. Torgerson is a former member of the county board and former official in Republican Governor Tommy Thompson's administration.
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